The asset integrity management services market is expected to be worth USD 31.66 Billion by 2023, at a CAGR of 8.7% between 2017 and 2023

The growth of this market is propelled by the necessity of asset integrity management in new offshore fields in deep waters; declining efficiencies of ageing assets and the need for operational safety; stringent government safety regulations and quality control requirements; climatic changes affecting the operations of various industries; and declining oil and gas prices increasing the demand for maintaining the assets and plants.

APAC is expected to grow at the highest CAGR between 2017 and 2023 due to the growing presence of industries such as oil and gas, power, and mining in the region. The growth of the aerospace industry in APAC owing to the increasing trend toward air travel along with the rise in maintenance, repair, and overhaul providers in this region also drives the asset integrity management services market in this region. North America is expected to hold the largest market share by 2023.

In North America, oil and gas industry is one of the prominent industry owing to the existing exploration plants and refineries which have number of pipelines as well as complicated and critical equipment. Thus, various safety measures stated by the authorities are also followed at the time of manufacturing of a pipeline such as inspection through methods such as corrosion management and pipeline integrity to evaluate the welds and ensure their quality. These activities in North America have driven the asset integrity management services market in this region.